The prequalification process allows you to check your offer without any effect on your credit score. Pretty much all credit cards for fair credit are unsecured, though. Why this is one of the best credit cards for fair credit: When you pay this card on time, you can boost your cash back earnings. If you've already built good credit, you can probably score a card with higher rewards than this card offers. The Capital One QuicksilverOne Cash Rewards Credit Card offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. The issuer automatically reviews your account for potential credit line increases. There are no rewards. What to avoid with credit cards for fair credit. Our pick for: Cash back with select merchants, Our pick for: Prequalification + up to 1.5% cash back, Our pick for: Help for 'less than perfect credit', Our pick for: College students and young adults. Best Low Interest Credit Cards for Fair Credit. And if you're approved, you can begin using your credit line immediately no need to wait for the physical card. Best For Credit Score Annual Fee Welcome Bonus Citi Premier Card Best Overall Card for Gas Excellent, Good $95 60,000 bonus points Platinum Rewards Visa Signature Card Best. The average adult has around 5 credit cards, including store credit cards, but theres no golden rule for how many credit cards you should have - or how many credit cards is too many. , including your payment history, the amount of available credit that youre using, how long youve had credit, and more. Cardholders earn 1% back until they pay the accounts bill on time for six consecutive months, which boosts the earn rate to 1.25% cash back. Alternatives to Consider:The Petal 2 Visa Credit Card, the Capital One QuicksilverOne Cash Rewards Credit Card and the Upgrade Cash Rewards Visa are worth comparing. This ensures that your on-time payments and other responsible credit habits will be recorded. We did not select any cards with especially low regular APRs because we recommend paying your monthly credit card bills in full when you have fair credit. The annual fee is $0. The card issuer reports details about your account to the major. Get started with your free credit score. You would need to spend $2,600 per year on the card to make that back (not including any 5% travel categories). Each card was scored using WalletHubs proprietary 100-point credit card rating system, and you can check out the top options in a handful of popular categories below (some cards are from WalletHub partners). One of the best low interest credit cards for fair credit is the Petal 2 Visa Credit Card because it is possible to get an interest rate of 17.49% (V), depending on your overall creditworthiness. No Credit Check. What are the most important things to look for in a fair-credit credit card? Unlike other sites that only promote cards they're paid by, WalletHub's editors focus on finding the best cards. Depending on which offer you qualify for, you could get as much as 1.5% cash back on purchases. WalletHubs editors compared hundreds of credit cards for people with fair credit scores, searching for the top offers in the most popular categories. Take some time to decide whether you want to prioritize rewards, interest rates, fees or other aspects. As you work to push your scores into the good-to-excellent range, its important that youre able to track how youre doing. Please download one of these up-to-date, free and excellent browsers: Enter your cell phone number and well send you a link to install the WalletHub app. It earns 1.5% back in the form of Bitcoin when you pay your bill. The Capital One Platinum Credit Card is the perfect financial tool for your wallet because it provides low-cost access to credit, with the ability to improve your credit score with responsible behavior. Capital One QuicksilverOne Cash Rewards Credit Card, Capital One SavorOne Student Cash Rewards Credit Card, First Tech Choice Rewards World Mastercard, Milestone Mastercard - Less Than Perfect Credit Considered, {{(bank.reviews == 1) ? Terms apply; (For example, if you have a $500 credit limit and a $200 balance, then your credit utilization is 40%.) Capital One Platinum Credit Card. You can check out the panels bios and responses below. Both can make it easy and convenient to make purchases in stores or online, with one key difference. gives newcomers to credit a powerful incentive to develop responsible habits. Conversely, a higher score that one issuer still sees as fair credit might qualify as good credit to a different issuer. Best credit cards for fair credit Capital One QuickSilverOne Cash Rewards credit card Discover it Cash Back Petal 2 "Cash Back, No Fees" Visa Credit Card Credit One Bank Platinum Rewards Visa Credit One Bank American Express Card Chase Freedom Flex Summary table of the best credit cards for fair credit FAQs It depends on personal preference as well as your credit standing and organizational skills. Store credit cards can offer deferred interest to people with fair credit. But youve got the knowledgeable WalletHub community on your side. This card for people with fair or "average" credit pays the same cash-back rate as the regular Quicksilver card, which targets people with excellent credit. Who Should Get It:Apply for the OpenSky Secured Visa Credit Card if youre rebuilding from credit damage and want high approval odds. Best credit cards for fair and average credit Best for No Fees: Petal 2 "Cash Back, No Fees" Visa Credit Card Best for Cash Back: Capital One QuicksilverOne Cash Rewards Credit Card. Plus, people with fair credit should have high approval odds for the Capital One Platinum Card, since its a starter credit card available even to applicants with limited credit experience. The best travel cards for fair credit, according to a YouTuber who's been to 20 countries and has 20 credit cards Select looks at what travel credit cards are available to people with. Find & compare credit cards from Mastercard that offer a higher chance of approval for people with average credit. , which compile the credit reports that form the basis of your credit scores. Make sure the card youre considering reports to at least one but ideally all three of these companies. Capital One QuicksilverOne Cash Rewards Credit Card BEST OVERALL RATING 4.5 OVERALL RATING 4.5/5.0 Earn unlimited 1.5% cash back on every purchase, every day Can I get a credit card if my credit is fair? show more To help you find the best deal, WalletHubs editors compared all of the credit cards for fair credit in our database of 1,500+ credit card offers. When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. Discover it Student Chrome The Discover it Student Chrome is one of the best credit card options available for fair credit students. It's free for everyone, Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. That's a big reason why the term "fair credit" is often used to describe scores in the middle ground between bad and good. When evaluating offers, please review the financial institutions Terms and Conditions. Credit utilization. Terms and conditions apply. Even small business owners with limited credit history can get Capital One Spark Classic, so applicants with fair/average credit should have solid approval odds. (The typical, runs from 300 at the low end to a maximum of 850.). The best credit cards for fair credit are ones that you may qualify for with a FICO score of 580 to 689. What's the difference between fair and average credit? The higher your credit score on either model's scale, the more creditworthy you may appear to potential lenders. What is the average credit score in the U.S.? Best Credit Cards for Fair Credit & Airfare in 2023 Best Overall: Upgrade Cash Rewards Visa Best Secured: Bank of America Customized Cash Rewards Secured Credit Card Best for Newcomers: Petal 2 Visa Credit Card Best for Students: Bank of America Travel Rewards Credit Card for Students Best for Business: Capital One Spark Classic for Business Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. Dont settle: With fair credit, you wont be eligible for the highest-end credit cards but good cards are still available at this level. Plus, the ongoing APR is on the high end at. Capital One QuicksilverOne Cash Rewards Credit Card: Best for flat-rate rewards The Capital One QuicksilverOne card gives people with fair credit the chance to earn 5 percent cash back. You might qualify for less or no cash back at all. . These cards have annual fees as low as $0 and report monthly to the 3 major credit bureaus. BEST CREDIT CARDS FOR FAIR OR AVERAGE CREDIT. Whether you want to pay less interest or earn more rewards, the right card's out there. You may also qualify for better terms with a traditional personal loan, depending on your financial situation. It also comes with a cool 1.5% cash back on every purchase and an annual fee of . The Best Credit Cards for Average or Fair Credit of March 2023. Business Insider 8h ago. OpenSky Secured Visa Credit Card. The card still reports account info to the major credit bureaus each month, though, so its a pretty dependable tool for building credit. ALSO CONSIDER: Best credit cards of 2023 || Best unsecured cards for short credit histories || Best starter cards for no credit || Best rewards credit cards. As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. Well give you a personalized card recommendation based on your latest credit score and financial priorities. Banks are required to notify you if you were denied because of information in your credit report. Interest rates on credit cards for average credit tend to be on the high side. Other credit cards may also allow you to change the minimum payment due date to one that better aligns with a direct deposit. What We Dont Like:This card is not a good option for carrying a balance from month to month, thanks to a fairly high APR. Capital One QuicksilverOne Cash Rewards Credit Card (5) Apply Now on Capital One's secure site Rewards Rate 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply) And with a fair credit score, you probably wont get the lowest APR available from any of the low interest credit cards. If youre a few days late, youll likely owe a late fee. For example, Discover will consider other factors, such as how your income compares to your debt, along with your employment status, whether you own or rent your home, how many loans and lines of credit you already have open, and more. Capital One Platinum Credit Card FAIR CREDIT RATING Terms apply, Monitor your credit score with CreditWise from Capital One. earns rewards on par with cards for good or excellent credit. This card offers at least 1% cash back on all eligible purchases, up to 1.25% back after 6 months of on-time payments, and 1.5% cash back after 12 consecutive months of paying on time. The card issuer reports details about your account to the major credit bureaus, which compile the credit reports that form the basis of your credit scores. And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. Using multiple credit cards for the wrong reasons, however, can get you into big trouble. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features. The ongoing APR is 29.74% Variable APR, which is steep if you plan on carrying a balance. is a cross between a credit card and a personal loan, and it can offer the best of both worlds: flexibility, but with predictable terms from month to month. Its lighter on the fees than some unsecured credit cards for less-than-perfect credit and it offers rewards. Let Bankrate, a leader . We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. Why We Like It:The Capital One Platinum Credit Cardhas a $0 annual fee. Try to put everything into dollar terms. See what terms you'd qualify for without a hard credit inquiry. - Business Insider (United States) . These cards lack the splashy rewards of credit cards for good or excellent credit, but they're a good option for those working to establish or rebuild their credit. Best unsecured cards for short credit histories. The annual fee is $0. Plus, Discover says there's no FICO history requirement for this card. Its worth mentioning that when you have fair credit, getting a credit card with a low APR may not be the best option. The simple way to earn bitcoin: make purchases on your card, make payments, earn bitcoin. The Petal 1 "No Annual Fee" Visa Credit Card doesnt offer this option. Pay on time to boost your cash back to a total of 1.25% for that month, Enjoy no annual fee, foreign transaction fees, or hidden fees, Lock your card in the Capital One Mobile app if it's misplaced, lost or stolen, Earn up to $500 a year by referring friends and family when they're approved for a Capital One credit card, Pick the monthly due date that works best for you, Pay for Amazon.com purchases using your Capital One rewards, Pay for online purchases with virtual card numbers and keep your actual card number to yourself, Get notified via text, email, and phone if Capital One notices potential suspicious transactions on your account, Build your credit with responsible card use. In particular, we focused on cards with low annual fees and high rewards rates, including general-purpose credit cards as well as store credit cards. Instead, it assesses your creditworthiness based on your income, expenses, savings and debts. An eventual upgrade path: Ideally, you wont be stuck in the fair credit score range forever, so look for a card that offers a route to improved terms. The Capital One Platinum Credit Cardis the best credit card for fair credit overall. New Credit Users. This ensures that your on-time payments and other responsible credit habits will be recorded. But you can achieve that effect with a collection of cards that each excel in a particular area. If you can find a card that pays rewards while also providing a steppingstone from average credit to good or excellent credit, its a win-win. The lower your utilization, the better; 30% or below is a good benchmark. Alternatives to Consider:The Capital One Platinum Credit Card, the Capital One QuicksilverOne Cash Rewards Credit Card and the Upgrade Cash Rewards Visa are all great options. Like Upgrade's other cards, it works like a combination of a credit card and a personal loan, allowing you to make purchases and then pay down your balance in equal monthly installments at a fixed interest rate. Terms apply.) isn't going to wow anyone; there's no sign-up bonus and the APR is high. No interest on purchases when you pay in full and on time each month. While there are no universal dividing lines between credit score bands, you can generally think of "fair credit" aka "average credit" as having credit scores in the range of 630 to 689. Fair credit, also referred to as "average" credit, is a step up from bad credit but a notch below good credit. Annual fees are the most prominent type of fee to watch out for, but theyre not alone. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105, Best Credit Cards for Fair or Average Credit of March 2023. Furthermore, fair credit is far from a life sentence. Theres a 0% foreign transaction fee, too. The key difference is that this version charges an annual fee while the regular one does not. Our opinions are our own. This card for people with fair or "average" credit pays the same cash-back rate as the regular Quicksilver card, which targets people with excellent credit. 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months. The Capital One QuicksilverOne Cash Rewards Credit Card offers those with average credit a chance to both earn rewards and, potentially, gain access to a higher credit line. $105. Why dont more banks and credit unions offer credit cards to people with fair credit? The terms "fair credit" and "average credit" are used more or less interchangeably within the credit cards industry to describe scores in the middle ground between good credit and bad credit. WalletHub actively maintains a database of 1,500+ credit card offers, from which we select the best credit cards for fair credit for different applicants as well as derive market-wide takeaways and trends. The card also lets you see what terms you'd qualify for before officially applying. Discover will automatically match all the cash back youve earned at the end of your first year! Before submitting an application, always verify all terms and conditions with the offering institution. Ideally, you wont be stuck in the fair credit score range forever, so look for a card that offers a route to improved terms. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. Like Upgrade's other cards, it works like a combination of a credit card and a personal loan, allowing you to make purchases and then pay down your balance in equal monthly installments at a fixed interest rate. 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 17.49% - 26.49% applies. If possible, pay off your balance in full each month. Who Should Get It:Apply for the Petal 2 Visa Card if you have limited to fair credit, plan to pay the bill on time and in full every month, and expect to keep the account open for more than a year. The prequalification process allows you to check your offer without any effect on your credit score. $0 intro with auto pay, then $39 after first year. With fair credit, you wont be eligible for the highest-end credit cards but good cards are still available at this level. There is a fine line between fair credit and good credit. Make at least the minimum payment, and do so on time each month. shines with its no-maintenance rewards structure and student-friendly bonus categories. Length of credit history. Here's why: Capital One advertises that this card is intended for people with fair credit, which can help make the application process less stressful if you have less-than-perfect credit. There are plenty of cards to choose from, so check out WalletHubs editors picks for the best credit cards for fair credit to find the best one for you. These are only guidelines to help you narrow your selection, and additional factors from your application and credit history will also be considered. It earns 1.5% back in the form of Bitcoin when you pay your bill. Making only the minimum payment keeps you in debt longer and could ultimately drag down your credit scores. Just answer a few questions and we'll narrow the search for you. While there are no universal dividing lines between credit score bands, you can generally think of "fair credit" aka "average credit" as having credit scores in the range of 630 to 689. Making this decision early will help make your search more manageable, by cutting your options in half, in addition to helping you get better terms. But if you've got fair credit and you need a card you can use to build credit without paying an annual fee, it's definitely worth a look. The second-largest factor in your scores. Does each credit card company define "fair" credit the same way? INTRO OFFER: Unlimited Cashback Match only from Discover. Your web browser (Internet Explorer) is out of date and no longer supported. Six months is a good rule of thumb. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) Be automatically considered for a higher credit line in as few as 7 months. And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. Journey Student Rewards from Capital One. Who Should Get It:Apply for Capital One QuicksilverOne if you plan to spend about $2,600 per year, as thats where the cards rewards value can overcome the fixed cost. Both of those numbers are actually a bit higher than the 630-689 range typically used to define "average" credit. Or turn $100 into $200. See if you're approved in seconds, Help build your credit through responsible use of a card like this, Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One's mobile app, Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you. annual fee. MORE: Credit cards 101: Understanding the basics. Fair credit can feel a bit like borrower purgatory, as neither the heavenly perks associated with credit cards for people with good and excellent credit nor the devilishly high costs that accompany many credit cards for bad credit are available. Still not sure which credit card is best for building credit? As of this writing, the card is unavailable to residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. If you like what you see, you can apply, at which point there will be a "hard" credit pull. Capital One . Many fees are avoidable, especially if you use the card responsibly. Here is a list of our partners and here's how we make money. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. An average credit score wont be enough to qualify for some cards, and a rejection letter can hurt more than just your feelings. But it also earns rewards, gives you a tool to monitor your credit profile, and offers the possibility of a higher credit line after making your first five monthly on-time payments. There are lots of really good credit card for fair credit offers on the market right now. can be an ideal choice if you plan to carry a balance, want the convenience of equal monthly debt repayments and can pre-qualify for a favorable interest rate. No annual or hidden fees. You'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. Make sure the card youre considering reports to at least one but ideally all three of these companies. What We Dont Like:Youll have to pay the bill in full every month, which limits the cards value for some business owners. Some offer rewards, perks, upgrade paths and even 0% introductory APR periods. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Another good unsecured card for fair credit is the Petal 2 Visa Credit Card. is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card. Although there's no foreign transaction fee, Discover isnt as widely accepted abroad as other cards. And while fair credit wont get you the very best unsecured cards, it should qualify you for an account with no annual fee, solid rewards or maybe even both. If your credit is at least fair, you can find cards that charge no annual fee at all. This reporting affects key elements of your scores: Payment history is the single biggest factor in your credit score, so it's essential to pay your bill on time every month. and cards for fair credit tend to have high interest rates. 7. Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card. When comparing credit cards for fair credit, look for some or all of these features: Reports to the major credit bureaus: Experian, Equifax and TransUnion are the three major bureaus that compile the credit reports that inform your credit scores. Quick Summary. Top credit cards for fair credit in Canada Compare credit cards for fair credit by category Top regular rate cashback card: Neo Financial Mastercard Credit recommended (600-) Apply now on Neo Financial's secure site 600 Min. At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products. A 700+ credit score is needed to get most Discover credit cards, but theres no minimum credit score needed for a few Discover cards. The second-largest factor in your scores, credit utilization is the amount you owe as a percentage of your available credit.
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